Spanish Solar Banko To Bust Biofuel Bonanza For Corn Folk

Teetering on the edge of bankruptcy, renewable energy giant Abengoa has thrown the biofuels industry in the U.S. for a loop.The layoffs and shutdowns mark an about-face for the Seville, Spain-based parent company. On Nov. 27, Abengoa told Platts in a statement, "Abengoa's plants continue operating as normal, and at present, no stops are expected to take place."via watchdog.org

​Things are moving fast as Abengoa and its subsidiaries around the world scramble in the wake of the company's announcement Nov. 25 that it filed for preliminary creditor protection, a step that could lead to the largest bankruptcy case in Spain's history.

But this is the first time that Abengoa's financial problems has directly affected its bioenergy division, adding another layer of uncertainty about the corporation.